Credit Transactors

Fannie Mae gives transactors credit for good behavior Use of data opens door for applicants who look unqualified yet show responsible management

Are you a transactor or a revolver when it comes to your credit? Terms like these never have mattered much to home buyers seeking a mortgage. You ve probably never heard of them. Yet they are about to become more important to millions of mortgage seekers, and could even help determine whether you qualify for a mortgage in the first place.

A transactor is someone who pays off credit bills in full every month or makes more than the minimum required payment. A revolver is the opposite: Someone who routinely makes the minimum payment on credit cards and other debts, rolling balances over to the next month.

Credit industry statistical research suggests that, all other factors being equal, revolvers tend to present higher risks of future default to lenders, 上海千花网交友 上海千花网论坛especially when they are accumulating substantial unpaid balances. Transactors tend to be lower risk.

But up until now, mortgage lenders and investors had difficulty distinguishing revolvers from transactors. Credit reports told them whether you as an applicant were late on card payments, whether you defaulted on your car loan, but didn t tell them what you paid on your balances month by month over extended periods of time. They didn t reach back to show distinctive patterns and trends in your money management: Did you roll large monthly balances on three credit cards during the las[……]

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432 Park Avenue

Hedgie heavyweight drops $33M on 432 Park condo The 4K sf apartment on the 87th floor was listed for $38M

432 Park Avenue (Photo: DBOX for CIM Group/Macklowe Properties)

The sales keep coming at 432 Park Avenue. Just one month after a Saudi billionaire officially scooped up a penthouse for $88 million, another deep-pocketed buyer has clos上海千花网交友 上海千花网论坛ed on a pad high in the sky, paying over $8,200 per square foot for those Big Apple views.

Patrik Edsparr, the co-founder and CIO for Hong Kong-based investment management fir爱上海同城论坛 爱上海同城m Tor Investment Management, paid $33 million, or $8,250 per square foot, for the three-bedroom, 4.5 bath apartment on the 87th floor.

Edsparr, who formerly 新爱上海同城对对碰论坛 上海同城对对碰交友社区led the securities division at Ken Griffin s Ci上海同城对对碰交友社区 上海夜网论坛tadel Investment Group, used an LLC called Bigappleview to buy the 4,000-square-foot apartment, the New York Observer reported.

The pad, which was listed for $38.5 million, has soaring views, a private elevator, an eat-in kitchen with marble floors, a center island and a corner living-slash-dining-room.

Last month, Saudi retail magnate Fawaz Al Hokair closed on an apartment there for a whopping $10,623 per square foot.  That deal was the biggest closed sale in New York so far this year. Before that, the priciest closed sale at the building was a full-floor unit for $59.1 million. Edsparr s old boss, Griffin, is rumored to have paid over $200 million at Vornado Realty Trust s 220 Central Park South.

Douglas Elliman is handling sales at 阿[……]

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Jared Kushner

Jared Kushner set to step down as CEO of Kushner Cos. Developer will divest his stake in 666 Fifth, spokesperson says

Jared Kushner, 666 Fifth Avenue and Wu Xiaohui of Anbang

UPDATED上海贵族宝贝论坛 上海贵族宝贝, 4:02 p.m., Jan. 8: Jared Kushner is poised to step down as CEO of Kushner Companies, his attorney told the New York Times. The move comes as Kushner, who heads one of New York’s most active real estate investment and development firms, continues to play a central role in the transition team of his father-in-law, President-elect Donald Trump, and is expected to be one of the most influential advisers in his administration.

“Mr. Kushner is committed to complying with federal ethics laws, and we have been consulting with the Office of Government Ethics regarding the steps he would take,” Jamie Gorelick, a partner at WilmerHale who is representing Kushner, said in a statement to the Times, which first reported the news Saturday.  Gorelick added that Kushner will divest his stake in substantial assets, and Risa Heller, Kushner s spokesperson, said that one of t阿爱上海同城 阿拉爱上海同城hem would be 666 Fifth Avenue, the hulking office and retail building he bought for a record $1.8 billion in 2007. Kushner Companies, however, has no plans to sell 666 Fifth at this time, a spokesperson added. 

On Saturday, the Times reported that Kushner had engaged in a series of talks with Wu Xiaohui, the chairman of Anbang Insurance Group, an opaque Chinese conglomerate that owns the Waldorf Astoria. On Nov. 16, just days afte[……]

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Gateway Project

White House sending troubling signals on funding Gateway, state official says Trump cut key federal funding from his proposed budget

New Jersey, New York City, Carlo Scissura, Ali Chaudhry and Andrew Cuomo (Credit: Getty Images)

A high-ranking member of Gov. Andrew Cuomo s administration on Frid上海千花网论坛 上海千花网ay called the Gateway tunnel project the single most important infrastructure p上海同城对对碰交友社区 上海夜网论坛roject in the country. Unfortunately, he said, the White House doesn t seem to agree.

“All the signs out of Washington are troubling,” said Ali Chaudhry, Cuomo s newly appointed deputy secretary of transportation. It should re阿爱上海同城 阿拉爱上海同城ally be something that the federal government is prioritizing, but we just don’t see that.”

The $20 billion project, which will link Newark, New Jersey with Manhattan, has been in limbo since Gov. Chris Christie scrapped its precursor project, Access to the Region s Core (ARC), in 2010. The Gateway project has gained a lot of traction lately 上海千花网论坛 上海千花网due to ongoing issues at Penn Station and an increasingly apparent need for a transportation system that can accommodate the region s growing traffic.

Last month, U.S. Transportation Secretary Elaine Chao called Gateway an absolute priority, even though President Donald Trump s proposed budget excluded funding key to the project. New Jersey and New York had cut a deal with the Obama administration to split the cost of the tunnel, but it s unclear if that agreement will ultimate爱上海龙凤419桑拿 上海龙凤论坛sh1fly stand.

Chaudhry spoke at a Ne[……]

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Southampton Town closes on two future affordable housing complexes

The Southampton Town housing authority completed the purchase of two properties that will become affordable housing complexes. The Sandy Hollow Cove Apartments will cost $11 million and will include上海千花社区 上海千花网交友 2上海千花网论坛 上海千花网8 rental units in two buildings. The Speonk Commons, which will have 38 units, is expected to cost $15.8 million. [27 East]

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FAO Schwartz

FAO Schwarz makes a Midtown comeback Toy store inks 19K sf lease at Rockefeller Center

30 Rockefelle上海同城对对碰交友社区 上海夜网论坛r Plaza and Rocky Balboa (Credit: Tishman Speyer and United Artists)

FAO Schwarz is back, baby. More than two years after closing its doors at the GM Building, the legendary toy store inked a 19,000-square-foot lease at Tishman Speyer’s 30 Rockefeller P上海贵族宝贝交流区 上海贵族宝贝论坛laza.

The new store in the Art Deco tower will be a lot smaller than its old space at 767 Fifth Avenue, which spanned 61,000 square feet, Commercial Observer reported. The爱上海同城 爱上海 retailer cited the high rent as a reason why it left its home of 30 years.

ThreeSixty Group bought FAO Schwarz from Toys R Us last year.

Cushman Wakefield represented the tenant. The new上海千花网交友 上海千花网论坛 store will replace the NBC Experience Store, which is closing for good. [CO] Konrad Putzier

Tags: 30 rockefeller plaza, Commercial Real Estate, fao schwarz
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Aaron Jungreis

WATCH: Aaron Jungreis on dominating multifamily, his side hustle as an owner and the rebounding market

Aaron Jungreis takes the lead on every transaction br上海千花网论坛 上海千花网okered by his firm, Rosewood Realty Group. It s a punishing commitment: The firm closed over 60 sales north of $1 million in 2017. Does he ever think of letting his team drive a deal?

“I have considered it, but my clients won’t let me,” Jungreis said during an interview with The Real Deal’s Mark Maurer. “I’m very dedicated – I go literally 25/7. So would I like to step back? I really would actually, because I have a great relationship with my wife and kids, so I always feel like I’m missing out on that.”

Jungreis co-founded the NoMad-based firm in 2007 with David Berger and grew the 10-broker shop into one of New York s top investment-sales brokerages. Rosewood competes with the likes of Cushman Wakefield and CBRE, placing fifth in TRD’s recent annual ranking of investment sales firms with $1.25 billion.  The firm has a major presence on the multifamily front in the outer boroughs, particularly in Queens and the Bronx. Jungreis just brokered Isaac Kassirer’s $116 million purchase of four Upper West Side buildings.

In the interview, Jungreis looked back on his pr上海夜网论坛 上海夜网e-real estate career – working in life insurance and then advertising sales for the Jewish Press.

“What I didn’t like about life insurance was they told you you had to call your friends and family, and I felt like I didn’t want to pressure them,” he said.[……]

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Starrett City

Starrett City deal closes for $905M Brooksville and Rockpoint completed the deal on Monday

From left: Starrett City, Paisley Boney, Andrew MacArthur, Bill Walton and Keith Gelb

UPDATED: May 8, 8:10 p.m.: Brooksville Company and Rockpoint Group have officially closed on their $905 million deal for Starrett City, the sprawling Brooklyn affordable-housing complex that is partially owned by President Trump.

The companies received approval from state and federal regulators and completed the transaction on Monday, according to Bloomberg. They purchased the complex from Starrett City Associates, which has owned it since its 1974 opening, and is controlled by Carole Dean上海千花网龙凤论坛 上海千花社区, the wife of the late Disque Deane.

Some minority owners the children of Disque Deane claimed in a lawsuit that a higher bid was improperly rejected, though that case was dismissed earlier this year.

Brooksville, led by former CWCapital Management managing director Andrew MacArthur, and Boston-based private equity shop Rockpoint agreed to put $140 million toward renovating the 5,581-unit complex to secure their approvals. They will also extend the Section 8 a上海千花社区 上海千花网交友ffordable housing component through 2049 and the Mitchell Lama protections through 2054. One-bedroom apartments in the complex start at $1,191, while two-bedrooms start at $1,460, and three-bedrooms start at $1,783.

Cu爱上海同城 爱上海shman Wakefield s Doug Harmon advised the sellers on the deal.

Brooksville and Rockpoint were in talks with Wells Fargo to get $47[……]

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Mortgage Fraud

Prices are up, interest rates are rising, and it s tough for a lot of people to qualify to buy a home. So what do some of them do? A growing number of them fake it.

According to mortgage-fraud researchers, income misrepresentations on home-loan applications were up 22.1 percent in the second quarter of this year compared with the same period in 2017. Ominously, most of it is not traceable to criminals trying to bilk lenders out of tens or hundreds of thousands of dollars through traditional loan swindles. Rather it s increasingly what researchers call bona fide borrowers who don t have the incomes to qualify but are determined to get a home mortgage, even if they have to mislead the lender.

How s this happening? The Internet makes it easy. Researchers say many applicants can now go online and find sites that will help them create customized pay and employment records, sometimes even confirmable by a phone call by the loan officer to an employer that doesn t exist. Or they borrow thousands of dollars for their down payment but swear to the lender that it s an interest-free present from a cousin or a brother, documented with a genuine-looking gift letter using a form obtainable online.

It s all part of one of the least-reported issues in the real estate market of 2018: Home-purchase mortgage frauds are on the rise and are posing cat-and-mouse challenges to major players, including banks and big investors like Fannie Mae.

Here s a quick overview:

Overall fraud in mortgage applicatio[……]

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